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POWER METALS MOBILIZES DRILL RIG TO CASE LAKE FOR ITS PHASE TWO DRILL PROGRAM OF 2024

Power Metals Corp. has mobilized a diamond drill rig to commence its phase II drill program of 2024 at its 100-per-cent-owned Case Lake property in Northeastern Ontario. A total of 2,500 metres of exploration drilling are planned to target high-grade cesium in pollucite at West Joe and Main zone. The company recently intercepted its highest-grade cesium assay results from phase I (reported June 18, 2024) drilling at West Joe and will continue to unlock the potential on the property.

Haydn Daxter, chief executive officer of Power Metals, commented: "The company is extremely excited to have a drill rig back on the ground at Case Lake as we continue to test and develop our cesium footprint at West Joe and Main zone. Drilling is expected to continue over the next six to seven weeks for all exploration holes planned for phase II, with the first round of assays expected in October."

Johnathan More, chairman and founder of Power Metals, commented: "We are very pleased to be back on the ground for a second round of drilling this year at Case Lake with our team. Power Metals has a clear path to develop the high-grade pollucite mineralization at West Joe with our fully funded drilling program set to commence this month."

Case Lake property

The Case Lake property is located 80 kilometres east of Cochrane in Northeastern Ontario, close to the Ontario/Quebec border. The property consists of 585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake mining division. The property is 10 kilometres by 9.5 kilometres in size with 14 granitic domes. The Case Lake pegmatite swarm consists of six spodumene dikes known as the North, Main, South, East and Northeast dikes on the Henry dome and the West Joe dike on a new dome, collectively forming mineralization trend that extends for approximately 10 kilometres.

Power Metals has completed several exploration campaigns that have led to the discovery and expansion of new and historic spodumene-bearing LCT (lithium/cesium/tantalum) pegmatites at Case Lake. The company has drilled a total of 19,607 metres of core between 2017 and 2024 at the property. The Case Lake property is owned 100 per cent by Power Metals. A National Instrument 43-101 technical report has been prepared on Case Lake property and filed on July 18, 2017.

Pelletier property

The Pelletier property is located 50 kilometres south of Hearst in Northeastern Ontario, close to a network of forestry roads. The property consists of 337 mineral claims that account for a total of 7,000 hectares in Franz, Roche, Scholfield and Talbot townships in the Porcupine mining division. The Pelletier project is characterized by LCT prospective S-type pegmatitic granites intruding into metasedimentary and amphibolite of the Quetico at or near the Archean terrane boundary between the Quetico and Wawa subprovinces.

Decelles property

The Decelles property contains 669 claims, covering 38,404 hectares of LCT prospective ground, near the mining centres of Val d'Or and Rouyn-Noranda, Que., approximately 600 kilometres from Montreal. Power Metals acquired the Decelles and Mazerac properties from Winsome Resources in 2023 in a deal that allowed Winsome to increase its stake to 19.59 per cent (refer to press release announced on Aug. 24, 2023). The geology of Decelles property is part of the Archean Pontiac subprovince where S-type, LCT-prospective, pegmatite-bearing, granitic Decelles batholith intrudes into metasedimentary units of the Pontiac group. Spodumene-bearing and beryl-bearing pegmatites have been reported historically within the Pontiac subprovince in association with S-type garnet-muscovite granite. The Decelles property is adjacent to Vision Lithium's Cadillac property, where discovery of high-grade lithium pegmatites was reported in 2022.

Mazerac property

The Mazerac property is located approximately 30 kilometres east of Power Metals' Decelles property near well-established mining camps in the Abitibi region of Canada and is accessible by network of mining-grade forestry roads. The Mazerac property contains 259 claims that cover 14,700 hectares of LCT prospective ground near the mining centre of Val d'Or and Rouyn-Noranda. The regional geology of Mazerac is similar to Decelles where S-type, LCT-prospective, pegmatite-bearing granites of Decelles batholith intrude into metasedimentary units of the Pontiac group. Spodumene-bearing and beryl-bearing pegmatites have been reported historically within the Pontiac subprovince in association with S-type garnet-muscovite granite.

Pollucite and cesium

Pollucite is a rare mineral that hosts high-grade cesium and is associated with highly fractionated, rare element pegmatites. The main source of cesium known globally is pollucite. Currently, the Tanco mine in Manitoba, Canada, is the only operating cesium deposit and holds over 60 per cent of the known reserves globally.

Scientific and technical disclosure

The scientific and technical disclosure included in this news release has been reviewed and approved by Amanuel Bein, PGeo, vice-president of exploration for Power Metals, a qualified person under National Instrument 43-101, Standards of Disclosure of Mineral Projects. Exploration data were collected and verified following the guidelines outlined in CIM's (Canadian Institute of Mining, Metallurgy and Petroleum) Mineral Exploration Best Practice Guidelines.

About Power Metals Corp.

Power Metals is a diversified Canadian mining company with a mandate to explore, develop and acquire high-quality mining projects. It is committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. The company sees an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries.

We seek Safe Harbor.